NAJ welcomes Russian diamond ban despite concerns
The National Association of Jewellers has welcomed the G7’s ban on Russian imported diamonds but has concerns about how it will be enforced.
Non-industrial diamonds mined, processed or produced in Russia will be banned by the EU in phases, with the direct ban coming into force on 1 January 2024.
The ban applies to importing, purchasing or transferring diamonds from Russia, including laboratory-grown diamonds and diamond jewellery.
The G7 is currently exploring viable options to prevent the influx of Russian diamonds into the market.
Ben Massey, NAJ chief executive, said: “Since May 2023, the NAJ has been engaged in trade talks with government officials and has held working groups with trade representatives and government officials to illustrate possible impacts and highlight the need for a constructive narrative to assure confidence in the market.
“Looking ahead, we will continue to work within these groups and communicate with key trade partners to establish what this announcement means for our members and to encourage a workable protocol that provides confidence for the UK jewellery industry.”